Market Size of Ground Penetrating Radar Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ground Penetrating Radar Market Analysis
The ground penetrating radar market is expected to register a CAGR of 7.5% over the forecast period 2021 - 2026. It is a non-destructive method that uses radar pulses for shallow subsurface investigation and exploration and has broad applications in various industries. Ground penetrating radar is used to detect underground assets in mining, water and sewage, oil & gas, and construction industries. These are also used to evaluate the amount of deterioration of bridge decks, parking decks, and other structures.
- Major cities of Asia pacific regions are experiencing the growth of subways construction to combat the problems of pollution, travel time and rising prices of fuel by providing affordable and safe means of transportation.
- For instance, in 2019, China invested more than USD 125 billion for the construction of high-speed rail network. China Railway Corporation is set to open 6,800 km of new lines, including 4,100 km of high-speed infrastructure, which is 45% more than the total mileage commissioned in 2018. By the end of 2018, it was operating 29,000 km of high-speed lines, two-thirds of the world and had added more than 4000 route-km in 2018. It has reduced the travel time between major Chinese cities, and authorities are looking to extend new lines into some of the remote corners of the country.
- Over the decade, demand for non-renewable resources is increasing and pushing companies to develop more sophisticated equipment to detect and identify the new oil reserves. This has increased the use of modern instruments and tools based on GPR technology that gather, analyze, and process huge amounts of data, which allows technicians and specialists to make fast and valuable decisions. These are also used to detect underground pipeline leaks and prevent any explosion.
- However, higher cost of GPR equipments and its maintenance has been restricting the market and preventing its penetration in various industry.
